Finding a Debt Relief Solution for Your Unique Situation
Though many people believe that filing for Chapter 7 bankruptcy is a much more difficult—if not impossible—option than other types of bankruptcy, this is, in fact, a myth. When Congress passed the new bankruptcy law in 2005, the public understood the changes to mean that Chapter 7 was no longer an option for most individuals. However, this couldn’t be farther from the truth. Chapter 7 bankruptcy is still a very viable option for many people and even provides an array of benefits that other options do not. At Gudeman & Associates, P.C., our skilled bankruptcy lawyers in Royal Oak and Southeastern Michigan have an in-depth knowledge of the law. We can help you determine if Chapter 7 bankruptcy is the right option for you.
The Benefits of Chapter 7 Bankruptcy
Once you have made the choice to file for bankruptcy, there are many reasons to choose Chapter 7 when weighing your various options. The main defining feature of this type of bankruptcy is that it offers debt relief without a repayment plan, as opposed to Chapter 13 bankruptcy, which requires repayment.
Other benefits of Chapter 7 include that it provides a way to:
- Temporarily stop home foreclosure and auto repossession
- Wipe out debt quickly with no repayment
- Eliminate credit card debt and personal and payday loans
- Handle medical bills and deficiencies on cars and utilities
- Resolved old IRS debts/overpay of benefits
At Gudeman & Associates, P.C., our experienced bankruptcy attorneys in Royal Oak and Southeastern Michigan can help you assess your options and decide if filing for Chapter 7 can provide a solution to your debt problems. We will help you weigh all of your options and ensure that you are well informed before proceeding.